Circle CEO Jeremy Allaire Reveals Donald Trump May Allow Banks to Trade Cryptocurrencies! Here Are the Details

Circle CEO Jeremy Allaire expressed optimism about President Donald Trump’s recent US executive orders that could significantly advance the adoption of cryptocurrencies.

Circle CEO Expects Pro-Crypto Executive Orders From President Trump

Speaking at the Reuters Global Markets Forum during the World Economic Forum in Davos, Allaire predicted the orders could allow banks to trade cryptocurrencies, offer them as investments to high-net-worth clients and include digital assets in institutional portfolios.

President Trump, who describes himself as the “crypto president,” is expected to issue executive orders after he takes office on Monday.

These actions are aimed at removing regulatory hurdles and encouraging widespread adoption of digital assets. Trump’s newly launched cryptocurrency has already risen in market value to nearly $12 billion, indicating strong market enthusiasm.

Circle’s Position and Recommendations

Circle, which issues the USDC stablecoin, stands to benefit from such regulatory changes. Pegged to the US dollar, USDC ranks as the second-largest stablecoin globally and the eighth-largest cryptocurrency by market cap, according to CoinGecko.

Allaire emphasized the need for regulatory reforms, specifically calling for the repeal of the SEC’s Staff Accounting Bulletin 121. He argued that the bulletin discourages banks and companies from holding crypto assets due to its punitive accounting requirements.

“This is something that I think needs to be watched closely in terms of EOs,” Allaire said, adding that Circle already partners with banks and believes these reforms will further solidify those types of relationships.

Allaire also predicted renewed Congressional activity on digital asset regulation, with committees expected to be “very active” in the coming weeks.

Coinbase Chief Policy Officer Faryar Shirzad echoed this sentiment, predicting that the SEC under the Trump administration would act quickly. “We expect the new SEC to take action, which will almost certainly bring banks much more into the custody space,” Shirzad said.

*This is not investment advice.